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Special Situations Fund

Fund launch date 10/11/2005
Fund size £3,850,883,120.06
Number of holdings 56
Managed by current team for 18 years
Currently viewing:

The Fund

The multi-award-winning Fund has been managed since launch in November 2005 by Anthony Cross, who was joined by co-managers Julian Fosh in 2008 and Victoria Stevens and Matt Tonge in 2023. The Fund aims to deliver capital growth over the long term (5 years or more) through using the Economic Advantage investment process. The process seeks to identify companies with a durable competitive advantage that allows them to defy industry competition and sustain a higher than average level of profitability for longer than expected. The Fund invests at least 90% of the portfolio in companies incorporated, domiciled or which conduct significant business in the United Kingdom (UK).

You are able to redeem your investment from the Fund at any time and there is no exit fee for doing so.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
Manager Inception Date of Fund
10/11/2005
Class Launch Date
01/11/2010
Comparator Benchmark 1
FTSE All Share
Comparator Benchmark 2
IA UK All Companies
Price
Single Price
448.550p
Offer Price
452.530p
Price Date
28/11/2023

Awards and ratings

Morningstar Fund Rating: 5 Morningstar Rating: 5
Morningstar Analyst Rating Morningstar Analyst Rating: Bronze
Square Mile Rated AA Square Mile Rating: AA
Rayner Spencer Mills RSMR Rated Fund
Fund Calibre Elite Rated Fund Calibre Elite Rated Fund
Morningstar Sustainability rated 4 Morningstar Sustainability Rating: 4

Meet the team

Anthony Cross joined Liontrust from Schroders in 1997 and launched the UK Smaller Companies Fund a year later. Anthony, who has managed the UK Smaller Companies and Special Situations funds since launch, was joined by Julian Fosh in 2008. Julian had previously managed funds at Scottish Amicable Investment Managers, Britannic Investment Managers, Scottish Friendly Assurance Society and Saracen Fund Managers. Victoria Stevens and Matt Tonge joined the team in 2015, and became managers of the Special Situations Fund in 2023. Victoria was previously Deputy Head of Corporate Broking at FinnCap, while Matt had spent nine years on the Liontrust dealing desk, latterly winning an industry award for his work in mid and small cap stocks.

Meet the tea

Our Investment Process

The process seeks to identify companies that possess intangible assets which produce barriers to competition and provide a durable competitive advantage that allows the companies to defy industry competition and sustain a higher than average level of profitability for longer than expected.

In the fund managers’ experience, the hardest characteristics for competitors to replicate are three classes of intangible asset: intellectual property, strong distribution channels and significant recurring business.

Other less powerful but nonetheless important intangible strengths include franchises and licenses; good customer databases and relationships; effective procedures and formats; strong brands and company culture

These intangible assets produce barriers to competition, protect margins and are capable, in the opinion of the fund managers, of reaping a financial advantage in the form of cash flow returns in excess of the cost of capital. A company that consistently generates excess cash flow returns will benefit from compounding as it reinvests this excess return into the business.

The Fund has hallmarks of a ‘quality’ style of investing – companies generating high, consistent returns with strong solvency or balance sheets. Quality companies will often outperform in difficult economic conditions. There is a tilt away from companies characterised as ‘value’ – typically companies whose shares appear cheap when assessed on measures of tangible asset value. Value companies often perform well when interest rates rise.

Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.

Performance

Performance since manager inception date (%)

Discrete performance (%)

As at previous quarter 12 months ending: Sep 23 Sep 22 Sep 21 Sep 20 Sep 19
Liontrust Special Situations 8.6 -16.0 27.6 -3.7 2.8
FTSE All Share 13.8 -4.0 27.9 -16.6 2.7
IA UK All Companies 12.8 -15.3 32.4 -12.8 0.0
Quartile Ranking 4 3 3 1 2

Cumulative performance (%)

As at previous day end 1 month 3 months 6 months YTD 1 year 3 years 5 years 10 years Since Inception
Liontrust Special Situations 4.5 0.5 -2.8 -1.4 -4.2 10.3 21.6 101.1 495.2
FTSE All Share 3.8 2.5 -0.2 3.5 3.0 25.8 26.6 64.2 183.8
IA UK All Companies 4.9 1.3 -1.3 1.5 0.7 13.8 18.3 51.0 160.2
Quartile Ranking 2 3 4 4 4 3 3 1 -

Source: FE fundinfo as at 28/11/2023. Performance figures are shown in GBX. Total return performance figures are calculated net of costs and charges, on a bid price to bid price basis (mid to mid for OEICs) with net income (dividends) reinvested. Where applicable the quartile rank is for the primary share class within the sector. If your investment is made in a currency other than that used in the past performance calculation the return may increase or decrease as a result of currency fluctuations.

Current positioning

Top 10 Holdings (%)

SHELL PLC 3.42
RELX PLC 3.36
GSK PLC 3.35
BP 3.30
COMPASS GROUP PLC 3.29
ASTRAZENECA PLC 3.28
UNILEVER PLC 3.21
RECKITT BENCKISER GROUP PLC 3.19
SAGE GROUP 3.18
DIAGEO PLC 3.18

Sector Breakdown (%)

Industrials 25.75
Consumer Discretionary 19.93
Financials 11.39
Consumer Staples 9.59
Health Care 8.89
Energy 8.49
Technology 7.18
Money Market 3.80
Telecommunications 2.49
Real Estate 2.44

Geographic Breakdown (%)

UK
96.19
Money Market
3.80

Source: Liontrust as at 31/10/2023.

Capitalisation (%)

Additional Information
Minimum initial investment
£5,000,000
Minimum additional investment
£100,000
Ex-dividend date
1 June (Final)
Distribution date
31 July (Final)
Sedol code
B57H4F1
ISIN code
GB00B57H4F11
Charges
Initial charge
-
Ongoing Charges Figure
0.81%
Included within the OCF is the Annual Management Charge
0.75%

For more information on the OCF, see our costs and charges page.

Fund Manager Insights

See all related
Anthony Cross Anthony Cross
In defence of the UK market Some high profile private equity takeovers and recent underperformance has cast the UK stock market in a negative light. However, Anthony Cross believes the UK market continues to be home to a number of exciting companies and a resurgence of new entrants are providing fresh investment opportunities.
icon 21 October 2021
UK
Victoria Steven Victoria Stevens
Success stories in the UK micro cap space Since its launch 5 years ago, a number of stocks have left the Liontrust UK Micro Cap Fund because they have been so successful they have outgrown the portfolio. Victoria Stevens highlights such companies and others that could follow.
icon 12 April 2021
Insights 22

How to invest in Liontrust funds

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Direct with Liontrust

Key Risks 

Past performance is not a guide to future performance. The value of an investment and the income generated from it can fall as well as rise and is not guaranteed. You may get back less than you originally invested. The issue of units/shares in Liontrust Funds may be subject to an initial charge, which will have an impact on the realisable value of the investment, particularly in the short term. Investments should always be considered as long term.

 

A proportion of the portfolio is invested in smaller companies and companies traded on the Alternative Investment Market. These stocks may be less liquid and the price swings greater than those in, for example, larger companies. 

 

Disclaimer

This is a marketing communication. Before making an investment, you should read the relevant Prospectus and the Key Investor Information Document (KIID), which provide full product details including investment charges and risks. These documents can be obtained, free of charge, from www.liontrust.co.uk or direct from Liontrust. Always research your own investments. If you are not a professional investor please consult a regulated financial adviser regarding the suitability of such an investment for you and your personal circumstances.

This should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examples of stocks are provided for general information only to demonstrate our investment philosophy. The investment being promoted is for units in a fund, not directly in the underlying assets. It contains information and analysis that is believed to be accurate at the time of publication, but is subject to change without notice. Whilst care has been taken in compiling the content of this document, no representation or warranty, express or implied, is made by Liontrust as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified. It should not be copied, forwarded, reproduced, divulged or otherwise distributed in any form whether by way of fax, email, oral or otherwise, in whole or in part without the express and prior written consent of Liontrust.

Fund literature
Special Situations Fund
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